WTI Light Sweet Crude Oil, 7/28/23

For Friday, the 78.04 level can contain selling through the balance of the week, above which 80.65 - 81.73 long-term resistance remains a 3 - 5 day target able to contain buying through summer activity.

A weekly settlement today at or above 82.55 (1% above 81.73) would set off a significant buy signal into later year, 103.70 then expected over the next 3 - 5 months.

Downside Friday, closing below 78.04 indicates a good high through next week, 76.57 then expected within several days, 73.38 within 2 - 3 weeks, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.